U.S. Economy Shrank as Trade Turmoil Began to Hit

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  The U.S. economy shrank in the first quarter as imports surged ahead of tariffs.

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  Plus, why a growing number of companies are shelving their financial guidance for the quarter ahead.

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  Many executives began this Trump administration feeling really optimistic.

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  And right now, the overwhelming mood is that it's just uncertain,

• 00:22

  it's tough to navigate, and companies don't know where things are headed.

• 00:25

  And a federal judge orders the release of a Columbia student detained by the Trump administration.

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  It's Wednesday, April 30th.

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  I'm Alex Osola for The Wall Street Journal.

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  This is the p.m. edition of What's News,

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  the top headlines and business stories that move the world today.

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  The U.S. economy shrank at the start of this year as the trade turmoil started to hit.

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  prompting businesses to stock up on goods from overseas.

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  The Commerce Department said today that the U.S. gross domestic product,

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  the value of all goods and services produced across the economy,

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  had its steepest decline since the first quarter of 2022.

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  Stocks fell broadly after the release of the data,

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  before major indexes paired declines in the afternoon.

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  In the end, major U.S. indexes ended the day mixed.

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  The Dow was up 0.4%, the S&P 500 rose 0.2%, and the Nasdaq closed down about 0.1%.

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  To tell us more about the GDP and other economic data out today,

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